afhe’s mission is to be the leading resource for the on-going advancement, collaboration and education of practicing attorneys and other professionals who provide intra-disciplinary counsel to family-held enterprises.

The Leading Source of Intra-Disciplinary Counsel

"The afhe annual conference consistently provides the most relevant, quality programs of any event I've been to. I'd attend even if there was no CLE credit offered." --|-- "Programing was wonderful. Disappointed a few years ago about programing has really been upgraded. Will attend more often." --|-- "The meeting gets to the issues that are at the heart of good service to the family enterprises we serve." --|-- "The only way to understand value of a afhe conference is to attend and then look back a year later and see how it has changed your awareness and your professional engagements." --|-- "afhe continues to provide excellent educational and networking opportunities." --|-- "afhe continues to be my favorite conference and professional networking event." --|-- "Best content ever, great speakers" --|-- "Maybe the best afhe conference so far. Very substantive all the way across." --|-- "afhe has a unique conference focusing on great family business ideas." --|-- "Every year afhe conferences get better and better. I highly recommend attending afhe's conference if you have an interest in a collaborative, multidisciplinary approach relating to family enterprises." --|-- "This year's afhe conference was outstanding again. The depth of experience and practical steps learned from afhe's conference is unmatched. The true sense of openly sharing, collaboration and welcoming atmosphere is better than so many other conferences."


DOL LEVELS PLAYING FIELD FOR ADVISORS; NEW FIDUCIARY DUTY IMPOSED ON BROKERS

On Wednesday, April 6, the Department of Labor released the final version of its highly anticipated “fiduciary rule.” The final rule is the culmination of six years of study, commentary and revisions after the rule was initially proposed in October of 2010 (later withdrawn) and released again on April 20, 2015. The essence of the rule—to subject more advisers of employee benefit plan participants to the fiduciary standards of ERISA—remains unchanged from the 2015 proposal, but the Department of Labor made several key concessions to ease the burden on advisers.

More information is located HERE (PDF)

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2013 is rolling along; are you doing everything you can to improve your tax situation?

By Laura Reinde
Rehmann – BWD


Play the long game.

If you’re used to making your financial plans in 12-month increments, get used to taking a little longer view of things. Rehmann’s Chief Investment Officer, Jeffrey Phillips, says that doing a twoyear tax projection may be more helpful. When paying your winter property tax bill, check to see if paying this year versus next year is more advantageous. Also consider whether additional deductions (such as accelerating charitable contributions) could have a bigger impact on your marginal tax bracket in 2013 versus 2014.

Be flexible.
A flurry of rate changes took effect on the first of the year, including those on income and estate tax; get ready to roll with the punches. Load up on 401(k) contributions because of the possible tax rate effects and use nonqualified deferred compensation if you’re maxing out your 401(k).*

Familiarize yourself with the increased capital gains tax rate.
A capital gain occurs when a capital asset is sold or exchanged at a price higher than its basis. Rehmann Principal Bryan Pukoff reminds us that no tax is currently paid by those in the lower tax brackets (10 and 15 percent) on most long-term capital gains, while investors in the higher tax brackets previously faced a 15-percent tax rate. While those who are currently paying no tax on capital gains will continue to experience that tax rate, the rate will increase from 15 to 20 percent for many others.

Consider your options.
While the estate tax exemptions remain unchanged, the tax rate on estates has increased. If your taxable estate is valued over $5 million, Phillips suggests revisiting the liquidity levels in your estate to address the potentially higher tax rates. These individuals may want to move their existing insurance into an irrevocable trust or purchase additional insurance to address the increase.

Pay it forward.
Individuals over 70 1/2 years old can direct up to $100,000 of qualified charitable distributions (QCD from their IRA to a charitable organization through the end of 2013. In order to make a QCD,
ask your advisor to make a distribution directly from your IRA to a qualified 501(c)3 charity. If you file a joint return, your spouse may also exclude up to $100,000 in QCDs.

Change can be intimidating — especially when there’s money involved — but taking the time to prepare now can help you meet the changes with confidence and help make 2013 the year of you.

 

BWD Magazine
Friday, 29 March 2013
Spring 2013 | Juggling Financial Obligations

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